I really DO love my job.
I love teaching.
I love watching blank stares turn into understanding nods.
I love telling stories, jokes and making people laugh!
But there are some times I just wonder.
Seems like nearly every class there’s one of “those” students.
This week was no exception.
Case in point:
I was teaching a concept called Accelerated Benefits.
In a nutshell, if you are terminally ill, diagnosed by a licensed
physician and reasonably expected to pass away in 6 months,
all life insurance policies will allow you to accelerate your
benefits and receive up to 75% of the death benefit prior to death.
The money can be used to pay for medical treatment, or
to take a cruise to Tahiti! We don’t care – it’s YOUR money…
To illustrate the point, I told a story. (I tell LOTS of stories.)
There was a (fictional) client who had a $400,000 20 year Term
policy who was diagnosed with advanced stage cancer.
The doctor gave her around 6 months to live and offered the
option of Chemo and Radiation, but wasn’t hopeful.
The client chose to try the treatment, but decided if she was
going to do it, she was going to do it in style. (Reference the movie
“The Last Holiday”…) So she took $100,000 from her life insurance
policy, bought a plane ticket and checked into a 5-star resort in Paris!
She went through the treatment process, but with room service, a
daily massage and spa services! (Smart lady!)
After the treatment, she returned home.
Six months went by.
A year went by.
5 years went by.
And she was proclaimed to be a survivor!
Happy Ending!
Except it’s not the end.
Her life insurance was a 20 year term policy and she was now
facing the end of the term. We gave her $100,000 with the expectation
of her imminent death. She didn’t meet the expectation! (grin) (when
talking about life insurance, death and all the various aspects for 40 hours,
you have to try to keep it light!)
She had a couple of options available at that point.
1. Pay back the $100,000.
2. Renew the policy and continue to pay the premiums until her eventual death.
I opened it up to class discussion and we decided as a group that it would be
much smarter to renew and pay the premiums.
At which point my Annoying Student piped up.
AS: What? Wait! So I would have to pay the $100,000????
Me: Well, yes… that would be one option.
AS: But it’s not my fault!
Me: What’s not your fault…
AS: You GAVE me the money.
Me: Well, you told me you were dieing. And then you didn’t.
AS: That’s not my fault! It’s my DOCTOR’S fault – he’s the one who said I would.
Me: That’s not really a bad thing, is it?
AS: I’m still not paying the $100,000.
Me: You don’t have to, you can renew the policy.
AS: I don’t want to.
Me: Darn…
AS: This isn’t FAIR! I shouldn’t have to pay the $$$. It’s my doctor’s fault. I’m going to sue him!
Me: Uh, what?
AS: Yeah, I’m going to sue my doctor. He screwed up.
Entire Class: STUNNED SILENCE.
Older gentlemen (who happens to be a Hospital Administrator): You CAN’T sue your Doctor.
He SAVED YOUR LIFE!
Me: Ok! (Cheerful voice) Let’s move on and talk about… (looks down at the book, oh brother) SUICIDE! (Oh goody…)
Bet you wish you had MY job!
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